China Mobile To Slash New Mobile Rates in Half, Shares Fall 1%

Wireless giant China Mobile (CHL) will cut rates for its new faster mobile services by as much as 50% next month because of competitive pressures, according to a report in The Wall Street Journal. China Mobile, the world's largest wireless carrier, with an estimated 780 million customers, has recently reported weaker earnings because of heavier competition and network investments. In addition, China's regulations began liberalizing telecom pricing this month in order to promote more competition. In afternoon trade, CHL was off 0.94% to $49.17.